Core judgment on the trend of virtual coins in the second half of 2025 (60-word version):

✅ Regulatory Acceleration: The regulatory framework in the US and Europe has been established, institutional funds (pensions/ETFs) continue to enter the market, but new regulations in Hong Kong and other local policies still cause fluctuations.

⚡ Technology Determines Life and Death: The success or failure of Ethereum's sharding upgrade and Layer 2 scaling will determine the landscape of public chains; ZK technology and AI integration become breakthroughs in security and efficiency.

🌐 Integration of real assets: The scale of tokenization of real estate/bonds is surging, traditional finance is reducing costs through on-chain settlement, and Bitcoin's "digital gold" attribute is being strengthened.

⚠️ Risks persist: cross-chain hackers, Mt.Gox selling pressure, regulatory black swans (such as the TON incident) continue to trigger flash crashes, and high volatility remains the norm.

📌 In summary: Compliance and technological upgrades drive long-term value, but with black swans flying around, short-term volatility still needs to be endured.